The firm said that it has acquired Broker of Record rights to certain fiduciary liability policies and fidelity bonds
previously brokered by David Walker Insurance Services (DWIS) in San Francisco.
The new coverage options mean that small technology businesses and independent IT contractors interested in landing lucrative contracts with clients in the financial sector now have a better chance of securing the third-party Fidelity Bond
coverage often required by those contracts.
While calculating the extra value from such fortuitous fidelity bond
payouts is difficult, I believe that cases in which payments are worth more than face value are rare, for three reasons:
Professional liability insurance, directors' and officers' (D&O) liability insurance and fidelity bonds
fail to provide relief.
Underwriters contain a loan fraud threshold of $2,500 improper personal gain.
Smith said, "Over the past 10 years, the practice has grown well beyond its original mission: assisting joint labor-management benefit plan Boards of Trustees to obtain fiduciary insurance and fidelity bond
coverage under the statutory provisions of the Employee Retirement Income Security Act (ERISA).
The temporary order of injunction made in favour of Alliance & General (A&G) Insurance, A&G Life and Fidelity Bond
has been discharged on the strength of an oral appeal made by the National Insurance Commission (NAICOM) counsel, Prof.
Bill Jennings, underwriter for Beazley's fidelity bond
and crime insurance products, said: "Analyzing risks in the fidelity market is getting trickier due to rapid technological advances - which can make employee theft easier and faster - a poor economy and a lack of oversight by regulators.
in a case involving a wrongful denial of a fidelity bond
Furthermore, the law requires that intermediaries maintain a fidelity bond
(or other protective devices) of at least $1 million, and maintain errors and omissions insurance of at least $250,000.
The traditional fidelity bond
and crime policies exclude coverage for any consequential or indirect losses.
The Woodland Hills-based agency is a not-for-profit mutual benefit corporation that provides fidelity bond
protection for independent escrow companies, Showers said.